With the intensifying sell-off in the crypto market, Terra Classic is facing exit from the top 100. The altcoin, which also attracts the attention of Turkish cryptocurrency investors, is having a hard time recovering after a difficult year.
Terra Classic (LUNC) is on the verge of relegation from the top 100 league!
A year ago, Terra Classic (LUNC) saw two consecutive market cap peaks. The first was $1 billion on September 1, 2022, and was followed by another $1.7 billion a week later. However, 2023 has been a difficult year for altcoin investors. LUNC has lost more than 60% of its value year-to-date (YTD) and close to 80% in 1 year.
LUNC holds the 100th largest crypto position in CoinGecko’s rankings by market cap. Therefore, the altcoin stands on the verge of falling out of the top 100 cryptocurrency league. It is the 92nd largest crypto in CoinMarketCap’s ranking. It still ranks slightly higher than the CoinGecko list. Notably, Terra Classic lost another $37 million in market value in the last seven days. According to CoinMarketCap’s “Winners and Losers” index, it made LUNC the “Biggest Loser” cryptocurrency of the week, with an accumulated loss of 9.68% during this period.
Meanwhile, LUNC has a market cap of $340 million as of press time. A week ago, the altcoin recorded a value of $ 377 million. Prior to this, Terra Classic had a market cap of $900 million on January 1, 2023. Even this corresponds to half of the market value it reached in September 2022.
Altcoin price predictions are mostly bearish
cryptokoin.comAs you follow from , a machine learning algorithm predicted a price of $0.0000586 for LUNC on September 21st for October 1st. Interestingly, this prediction is quite close to reality. The same machine learning algorithm predicts even more losses in the coming weeks. It set the altcoin price at $0.000055 by October 31. For prediction, the algorithm uses several key technical indicators such as moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB) and so on.
However, Terra Classic’s $0.00005 support level represents a critical price zone where buying demand may increase in the exchange’s order books. This interaction between bearish forecasts and support levels reveals the fundamental battle between bulls and bears in LUNC’s market ecosystem.
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